A deal has been agreed for a takeover of Preston North End by Lancashire businessman Trevor Hemmings.

Deepdale PNE, the company owned by Hemmings, has acquired 51% of the shares in the Championship club.

The agreement must first be accepted by the other shareholders or, as DPNE have stated, the offer will be withdrawn.

Preston North End plc was served with a winding up petition by HM Revenue and Customs on 14 May and all shares in the company were suspended.

DPNE initially held 28% of the shares in the club but that has now increased to 51.4%, triggering a mandatory offer for the remaining shares.

Hemmings, who has already loaned £13.28m to Preston, made a five pence per share offer to the club's other stakeholders.

E-mail this to a friend

Printable version